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Oak Ridge Financial Services, Inc. (BKOR)

Other OTC - Other OTC Delayed price. Currency in USD
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17.620.00 (0.00%)
At close: 11:34AM EDT
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Previous close17.62
Open17.66
Bid0.00 x 0
Ask0.00 x 0
Day's range17.62 - 17.62
52-week range13.30 - 17.90
Volume1
Avg. volume3,775
Market cap35.1M
Beta (5Y monthly)0.74
PE ratio (TTM)8.24
EPS (TTM)2.14
Earnings date10 May 2021
Forward dividend & yield0.28 (1.57%)
Ex-dividend date19 Aug 2021
1y target estN/A
  • GlobeNewswire

    Oak Ridge Financial Services, Inc. Announces Second Quarter 2021 Results

    OAK RIDGE, N.C., July 27, 2021 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the three and six months ended June 30, 2021. Second Quarter 2021 Highlights Basic and diluted earnings per share of $0.65 for the three months ended June 30, 2021, up 20 cents, or 44.4%, from the comparable 2020 period;Annualized return on average common stockholders’

  • GlobeNewswire

    Oak Ridge Financial Services, Inc. Ranked in Top 200 Publicly Traded Community Banks and Thrifts List by American Banker Magazine

    OAK RIDGE, N.C., May 18, 2021 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced that it has been named to American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts. The ranking is based on a company’s three-year average return on average equity (“ROAE”) through December 31, 2020. ROAE is widely used by investors to analyze business performance. The Company came in at 90, up 20 spots from last year. This is the fifth consecutive year the Company has been named to the prestigious list. “It is an incredible honor to be named to American Banker’s Top 200 Community Banks and Thrifts list for the fifth year in a row,” said Tom Wayne, Chief Executive Officer and Chief Financial Officer. “We are proud of the talented team of professionals who have contributed to the great success we have had in the communities we serve.” American Banker published the ranking as part of its May 2021 issue. About Oak Ridge Financial Services, Inc. Oak Ridge Financial Services, Inc. (OTCPink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge delivers personal attention and convenience for every client. Substantially all of the Bank’s employees are stockholders in Oak Ridge Financial Services, Inc. through their participation in the Bank’s Employee Stock Ownership Plan. We are proud of our many accolades and awards, including seven “Best Bank in the Triad” wins, “Triad’s Top Workplace” finalist, “Triad’s Healthiest Employer” winner and a 2016 Better Business Bureau “Torch Award” winner. We offer a complete range of banking services for individuals and businesses. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender. Banking Services | ATM Usage Worldwide | Mobile Banking | Online Billpay | Remote and Mobile Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth Management Visit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, High Point, Summerfield and Oak Ridge, North Carolina, or call 336.644.9944, or online at www.BankofOakRidge.com. Forward-looking InformationThis form contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Federal Deposit Insurance Corporation. The Company undertakes no obligation to update any forward-looking statements. CONTACT: FOR IMMEDIATE RELEASE Contact: Thomas W. Wayne, CEO and CFO Phone: 336-644-9944

  • GlobeNewswire

    Oak Ridge Financial Services, Inc. Announces Record First Quarter 2021 Results, increase in Quarterly Cash Dividend to $0.07 Per Share

    OAK RIDGE, N.C., May 10, 2021 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the first three months of 2021, and an increase in its quarterly cash dividend to $0.07. First Quarter 2021 Highlights Record earnings per share of $0.77 for the three months ended March 31, 2021, up 70 cents from the comparable 2020 period;Record annualized return on average common stockholders’ equity of 18.45% for the three months ended March 31, 2021, compared to 1.68% for the same period in 2020;Tangible book value per common share of $17.24 as of March 31, 2021, up 13.3%, or $2.02, from $15.22 as of March 31, 2020;As of March 31, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 45% on the $50.1 million of first round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;As of March 31, 2021, the Bank funded 353 Round 2 PPP loans totaling $27.8 million, the associated fees and origination costs will be recognized as interest income and expense, respectively, over the life of the PPP loansPeriod end loans of $463.0 million, up 2.8% (11.2% annualized) from December 31, 2020;Outstanding balance of loans granted deferrals of principal and/or interest payments in response to COVID-19 of $1.6 million (0.40% of total loans) as of March 31, 2021, down from a peak of $133.7 million (29.2% of loans);Period end allowance for loan losses of $5.3 million, down 3.8%, from $5.5 million at December 31, 2020;Nonperforming assets of $3.6 million, up 2.9% from $3.5 million at December 31, 2020;Period end deposits of $492.6 million, up 8.1% from December 31, 2020;Opened the Bank’s fifth bank branch in High Point, NC in February of 2021. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our record performance in the first quarter of 2021, and very proud of our Bank’s support of the local community through our continued participation in the PPP program. Loans in deferral peaked at 29% of total loans in the second quarter of 2020 and have since fallen to 0.40% of total loans at March 31, 2021, a very positive sign. While it remains difficult to accurately predict the next few quarters and the impact of COVID-19 on our local and national economy, I am thankful to have our experienced team of bankers and a supportive board of directors as we address future challenges and opportunities.” The Company also announced a $0.01 increase in its quarterly cash dividend to $0.07 per share of common stock. The dividend is payable on June 10, 2021 to stockholders of record as of the close of business on May 25, 2021. “We are pleased to increase our quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.” The Bank adopted the 9% community bank leverage ratio (“CBLR”) requirement as of June 30, 2020. As of March 31, 2021 the Bank’s CBLR was 9.56%, up from 9.22% at December 31, 2021. As of March 31, 2021, the Company’s stockholders’ equity was $45.9 million, up 3.1%, from $44.5 million at December 31, 2020. With respect to the consolidated statement of operations for the first three months of 2021, net interest income was $5.6 million in 2021, up $1.6 million, or 40.0%, from $4.0 million for the first quarter of 2020. The Company recorded a negative provision for loan losses of $112,000 million in the first three months 2021, compared with a loan loss provision of $1.1 million in the same period of 2020. The allowance for loan losses as a percentage of total loans was 1.21% at December 31, 2021 compared to 0.90% at December 31, 2020. The Company increased the allowance for loan losses in 2020, largely due to increase in the qualitative factors in the Company’s allowance for loan loss model due to the deteriorating economic outlook related to COVID-19. Nonperforming assets represented 0.62% of total assets as of March 31, 2021, down slightly from 0.64% at December 31, 2020. Noninterest income totaled $671,000 in the first three months of 2021, unchanged from the same period in 2020. Noninterest expense totaled $3.7 million in the first three months in 2021, up slightly from $3.3 million in the same period in 2020. About Oak Ridge Financial Services, Inc.Oak Ridge Financial Services, Inc. (OTCPink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge delivers personal attention and convenience for every client. Substantially all of the Bank’s employees are stockholders in Oak Ridge Financial Services, Inc. through their participation in the Bank’s Employee Stock Ownership Plan. We are proud of our many accolades and awards, including seven “Best Bank in the Triad” wins, “Triad’s Top Workplace” finalist, “Triad’s Healthiest Employer” winner and a 2016 Better Business Bureau “Torch Award” winner. We offer a complete range of banking services for individuals and businesses. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender. Banking Services | ATM Usage Worldwide | Mobile Banking | Online Billpay | Remote and Mobile Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth Management Visit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, High Point, Summerfield and Oak Ridge, North Carolina, or call 336.644.9944, or online at www.BankofOakRidge.com. Forward-looking InformationThis earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements. Oak Ridge Financial Services, Inc.Consolidated Balance SheetsAs of March 31, 2021 (Unaudited) and December 31, 2020 (Audited) 2021 2020Assets Cash and due from banks$8,624 $9,354Interest-bearing deposits with banks 37,628 11,994Total cash and cash equivalents 46,252 21,348Securities available-for-sale 45,153 46,357Securities held-to-maturity 529 564Restricted stock, at cost 1,525 1,806Loans, net of allowance for loan losses of $5,250 at period end 2021 and $5,458 at year end 2020 457,734 445,127Property and equipment, net 10,504 10,632Accrued interest receivable 2,075 2,412Bank owned life insurance 5,951 5,930Right-of-use assets – operating leases 1,893 1,990Other assets 5,137 4,464Total assets$576,573 $540,630 Liabilities and Stockholders’ Equity Liabilities Deposits: Noninterest-bearing$110,904 $94,227Interest-bearing 381,650 361,510Total deposits 492,554 455,737Short-term borrowings 5,000 8,000Long-term borrowings 886 952Junior subordinated notes related to trust preferred securities 8,248 8,248Subordinated debentures 15,476 15,484Lease liabilities – operating leases 1,892 1,990Accrued interest payable 293 140Other liabilities 6,528 5,604Total liabilities 530,877 496,155 Stockholders’ equity Common stock, no par value; 50,000,000 shares authorized; 2,675,500 issued and outstanding at period end 2021 and 2,639,345 at year end 2020 25,153 25,013Retained earnings 17,669 15,771Accumulated other comprehensive income 3,054 3,691Total stockholders’ equity 45,875 44,475Total liabilities and stockholders’ equity$576,573 $540,630 Oak Ridge Financial Services, Inc.Consolidated Statements of IncomeThree months ended March 31, 2021 and 2020 (Unaudited)(Dollars in thousands except per share data) 20212020Interest and dividend income Loans and fees on loans$5,874 $4,924 Interest on deposits in banks 24 65 Restricted stock dividends 20 16 Taxable investment securities 336 298 Total interest and dividend income 6,254 5,303 Interest expense Deposits 375 1,060 Short-term and long-term debt 321 274 Total interest expense 696 1,333 Net interest income 5,558 3,969 Provision for (recovery of) loan losses (112) 1,140 Net interest income after provision for loan losses 5,670 2,829 Noninterest income Service charges on deposit accounts 135 181 Brokerage commissions on mortgage loans 77 82 Insurance commissions 121 84 Gain on sale of SBA loans - - Debit and credit card interchange income 254 243 Income earned on bank owned life insurance 21 24 Other service charges and fees 63 59 Total noninterest income 671 673 Noninterest expense Salaries 1,853 1,546 Employee benefits 294 272 Occupancy 286 236 Equipment 277 245 Data and item processing 446 512 Professional and advertising 157 166 Stationary and supplies 39 34 Net cost of foreclosed assets - 5 Impairment loss on securities 10 - Telecommunications 95 77 FDIC assessment 58 13 Other expense 229 228 Total noninterest expense 3,744 3,334 Income before income taxes 2,597 168 Income tax expense (benefit) 542 (4)Net income and income available to common stockholders$2,055 $172 Basic income per common share$0.77 $0.07 Diluted income per common share$0.77 $0.07 Basic weighted average shares outstanding 2,675,500 2,635,135 Diluted weighted average shares outstanding 2,675,500 2,644,434 Selected Financial DataMarch 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020December 31, 2019Return on average common stockholders' equity1 18.45% 9.17% 8.50% 11.66% 1.68% 10.23%Tangible book value per share$17.24 $16.86 $16.36 $15.98 $15.22 $15.36 Return on average assets1 1.49% 0.73% 0.64% 0.92% 0.14% 0.86%Net interest margin1 4.26% 3.57% 3.42% 3.50% 3.49% 3.57%Net interest income to average assets1 4.03% 3.32% 3.27% 3.34% 3.32% 3.37%Efficiency ratio 59.94% 67.64% 68.67% 62.79% 71.82% 74.53%Nonperforming assets to total assets 0.62% 0.64% 0.64% 0.65% 0.78% 0.81% 1Annualized